C & S Bull

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

1	General information

C & S Bull ("the company") is a private unlimited company incorporated in the England and Wales under the Companies Act. The liability of each member is unlimited in the event of liquidation. At 31 December 2024 there were two members (2023: two members).

2	Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue represents revenue receivable from property related services to third parties during the year, and the value of consideration receivable from listed investments during the year, both net of value added tax. Revenue is recognised when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

C & S Bull

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Taxation

Corporation tax is payable on taxable profits at the current rate of tax.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Non-current assets
Investments comprise listed and unlisted securities and are initially stated at cost. Listed investments are stated at fair value with value changes recognised in the Income Statement and unlisted investments are included at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and at bank.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Payables

Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

C & S Bull

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Taxation

Tax charged/(credited) in the income statement

	2024 £	2023 £
Current taxation
UK corporation tax	4,640	12,901
UK corporation tax adjustment to prior periods	(1,878)	-
	2,762	12,901
Deferred taxation
Arising from origination and reversal of timing differences	(6,208)	866
Tax (receipt)/expense in the income statement	(3,446)	13,767

The standard rate of UK corporation tax applied to the reported profit before tax for the year is 19% (2023 - 23.5%).

The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax is as follows:

C & S Bull

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

4	Taxation (continued)

	2024 £	2023 £
(Loss)/profit before tax	(3,860)	59,625
Corporation tax at standard rate	(733)	14,012
Deferred tax (credit)/expense relating to changes in tax rates or laws	(1,697)	63
Decrease from effect of marginal relief	-	(305)
Increase from deferred tax asset not recognised	862	-
Tax decrease from effect of unrelieved tax losses carried forward	-	(3)
Increase (decrease) in current tax from adjustment for prior periods	(1,878)	-
Total tax (credit)/charge	(3,446)	13,767

Deferred tax

Deferred tax assets and liabilities

2023	Liability £
Financial assets at fair value through the income statement	6,208

5	Investments

	Unlisted Investments £	Listed Investment £	Total £
Cost or valuation
At 1 January 2024	110,550	193,442	303,992
Fair value adjustments	-	(28,281)	(28,281)
At 31 December 2024	110,550	165,161	275,711

The aggregate historical cost (reflecting any write downs to recoverable amount) that would have been included had the listed investments not been revalued at 31 December 2024 was £168,608 (2023: £168,608)

6	Receivables

	2024 £	2023 £
Other receivables	17,000	20,000
Prepayments	1,710	900
	18,710	20,900

C & S Bull

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

7

Payables

	2024 £	2023 £
Due within one year
Trade payables	2,760	7,700
Director's loan account	192,350	215,368
Corporation tax	15,663	18,907
Other payables	4,878	764
Accruals	1,440	1,200
	217,091	243,939

8	Provisions for liabilities

	Deferred tax £
At 1 January 2024	6,208
Decrease in existing provisions	(6,208)
At 31 December 2024	-

The deferred tax liability above represents the deferred tax liability on the gain on listed investment recognised within equity.

9	Share capital and reserves

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Other reserves represents the cumulative effect of revaluations of listed investments which are revalued to fair value at each reporting date. The reserve forms part of the company's non distributable reserves.

C & S Bull

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

10	Related party transactions

The amount outstanding to P Nilpat at the balance sheet date was £192,350 (2023: £215,368). The loan is interest free, unsecured and has no formal repayment schedule.

11

Control

Springbutton Limited and Relateradio Limited each have an interest of 50% each in the issued share capital of the company.

The ultimate controlling party is P Nilpat.

12	Events after the financial period

There have been no signifcant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.